In this paper I perform a follow up study to Downing and Zhang’s analysis of the municipal bond market in 2004. In this analysis, I employed more recent trade data from the year 2013 to see if the volume-volatility relationship has changed in the past decade due to changes in the municipal bond market. I found that there is still a negative volume-volatility relationship caused mostly by trade between large institutional investors. However, there are some key differences in trading patterns for certain subsets of the data, which is discussed in further detail in my analysis.